A managing agent at DeRosa and Associates, Chester “C. Edziu” Pacana oversees annuity and insurance agents in both Tennessee and Florida. To ensure that he provides clients with the most informed guidance possible, Chester Pacana has developed deep knowledge about retirement options such as Medicare supplements, FedPlan, and 457(b) plans.
The 457(b) is a retirement savings account only available to employees of local or state government and certain nonprofits. This class includes such professionals as firefighters, police officers, and other kinds of civil servants, as well as those working in hospitals and churches. Union executives may also be eligible for a 457(b). In many ways, it is the same as the 401(k) or the 403(b). The 457(b) is tax-deferred, meaning tax is paid when money is taken out of the plan rather than at the time of contribution, and is eligible for employer matching. As with 401(k)s, withdrawals cannot usually be made from a 457 (b) plan without penalty until the age of 70.5 years, though there is some flexibility to take earlier unpenalized withdrawals from the 457 (b) that does not exist for the 401(k). For instance, individuals who leave their government employer can remove the money from their 457(b) without incurring the 10 percent penalty that is added to early 401(k) withdrawals. Both 401(k) and 457(b) plans also share a personal contribution limit. But 457(b) plans have some added flexibility with it comes to contributions. In general, the maximum annual contribution for both these plans is about $19,000, as of 2019. There is also a slight increase in maximum contributions for individuals aged 50 or older that allows them to add up to $25,000 to their plan. 457(b) plans, however, also have an accelerated savings option for people within three years of average retirement age. During this time, people can contribute up to $36,000 if they haven’t met their contribution limits in previous years.
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Tennessee-based conservative wealth management planner and medical professional retirement specialist Chester “C. Edziu” Pacana provides retirement planning services and products to clients working in the public and private sectors. A managing agent with DeRosa and Associates, Chester Pacana has a license to sell insurance policies in Tennessee and Florida through the National Life Group. The goal of any sales-related career, whether it involves selling vacuums or life insurance, is to close a sale. There are several strategies to help you increase the chances of selling a life insurance policy. Pitch solutions Many salespeople focus on pitching the discounts their agency provide for life insurance instead of telling customers how the product will solve a problem they either currently have or will have. Presenting life insurance as a solution to a problem is a much more effective sales strategy, but it does require that you listen to your prospects to ensure you have a good grasp of their needs. Give fewer options Often, having more choices available seems sensible, and you may attempt selling your customers a wide range of insurance options. Unfortunately, when presented with multiple alternatives, prospective clients often struggle more with the decision. By narrowing the choices of products you pitch, you speed up the sales process and increase the chance of closing. Tell a story As you speak to your prospects, set about creating a vivid picture in their minds of a situation where life insurance may be beneficial. This not only helps prospects visualize their need for your product better, it also prompts them to feel different emotions during your pitch. Emotions are a strong motivator, often encouraging prospects to take action to either prevent a negative situation or to see the positive outcome. An established Tennessee investment professional, Chester “C. Edziu” Pacana functions as a conservative wealth management planner. A particular emphasis of Chester Pacana and his team is on maintaining judicious approaches that balance stock and bond holdings.
One key consideration is that, with bonds offering relative stability and low risk, stocks provide greater upside potential. One traditional approach among balanced funds involves a mix of 60 percent stocks and 40 percent bonds, with an aim of generating income, conserving principal, and achieving long-term growth. For many people, a balanced fund is simply a core component of a broader portfolio that includes investments that take on more risk. For example, someone holding a balanced fund may also have assets in other asset classes, including art and real estate, for example, and encompass a greater range of individual security holdings. Keep in mind that even the most diversified allocation method is not immune to fluctuation and mutual funds are exposed to systemic risk tied to interest exchange rates. As a conservative wealth management planner with Pacana Conservative Wealth Management in Tennessee, Chester “C. Edziu” Pacana advises clients on conservative investment strategies with the goal of helping them to secure a reliable retirement income while protecting their principal. Chester Pacana is highly knowledgeable about several forms of life insurance products, including mortgage protection insurance (MPI). MPI covers mortgage payments if a policyholder becomes unable to do so due to job loss, illness, or injury. Most plans will also pay the mortgage outright if the policyholder passes away. Since MPIs and other term life insurance benefits can overlap, there are a few situations where MPI may be a better choice. While the payout goes directly to the mortgage lender, MPIs can provide peace of mind to families that rely on one breadwinner. Further, people with severe health conditions who cannot obtain traditional life insurance are more likely to qualify for an MPI policy, which is usually granted without a medical examination. Additionally, people in dangerous professions can take out an MPI policy to ensure that a workplace injury won’t put their family home at risk. |
AuthorChester Pacana - Experienced Conservative Wealth Management Planner. Archives
July 2019
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